Chief technology officer of Oracle Larry Ellison is preparing to put his large oceanfront estate in North Palm Beach, Florida, back on the market for $165 million, five years after buying the property for $80 million.The Oracle co-founder bought the 8.4-acre estate in 2021. At the time, he planned to tear down the existing house. More than a year later, the property was offered for sale with an asking price of $145 million, but it did not sell at that price.Now, Ellison is preparing to try again. Listing agents James Kenny and Paul Kaneb of K2 Realty told The Wall Street Journal that the North Palm Beach property will soon be listed for $165 million. The new asking price would make it the highest for a property in North Palm Beach, according to Trader News Central.The estate is located inside the gated Seminole Landing community and has extensive ocean frontage. The property includes a 16,300-square-foot house built in 1991, with seven bedrooms, eight bathrooms and five half-bathrooms. It also has more than 550 feet of water frontage.
The 2021 purhcase
Ellison purchased the estate from Gabe Hoffman, who heads the activist hedge fund Accipiter Capital Management. Hoffman had bought the property for $17.5 million in 2012.The property covers 8.4 acres, making it a large oceanfront parcel in the area. Realtor.com reported that it is the third-largest oceanfront parcel in Palm Beach County.The property is in a gated community with 24-hour security. The parcel is also one of only a handful of properties in Florida that can accommodate a private helipad.When Ellison first bought the estate, his plan was to tear down the existing house. The listing now describes the property as suitable for a teardown or expansion, giving a future buyer the option of changing the existing estate.
$165 million asking price
The planned $165 million price would work out to more than $10,000 per square foot based on the size of the existing house. It also amounts to about $19.6 million for each acre of the 8.4-acre property.The estate has a long stretch of waterfront and is located near the Seminole Golf Club. Other properties along the same North Palm Beach beachfront have also changed hands for tens of millions of dollars.Three homes along the same stretch sold for $30 million, $40 million and $41.8 million in 2020 and 2021. The sales were recorded around the same period when Ellison bought his estate.
Ellison expands Florida holdings
The planned sale comes as Ellison continues to add to his property holdings in Palm Beach County. In 2022, he paid $173 million for his main estate in Manalapan. The estate covers 15 acres. In June, Ellison paid about $35 million for an adjoining piece of land, expanding that property further.Trader News Central reported that Ellison also bought eight homes for his family’s staff in a Boynton Beach suburban neighbourhood in 2023. The combined price for those homes was $10 million.Ellison also owns properties outside Florida. He has acquired several properties in Malibu, California, and owns real estate in Newport, Rhode Island, and San Francisco.His property holdings also include land and hotels on Lanai in Hawaii. Ellison bought two hotels and land holdings covering 98% of the island in 2012 for a reported $300 million.